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Publicly listed lender Bank Permata introduced an "alert
system" Wednesday to help detect illicit transactions and combat money
laundering.
"We hope the system will be useful in helping to combat money
laundering in Indonesia," president director Stewart Donald Hall told
attendees at the launching of the anti money-laundering system.
The system -- co-developed by Permata, and IT services providers 3i
Infotech and PT Tridas Widiantara -- enables the bank to identify in
real time whether a customer's name appears on Bank Indonesia's
internal blacklist.
The system is also able to automatically detect irregular transactions
that could indicate money laundering.
BI has been promoting transparency and accountability within the
banking sector, requiring the country's banks to adhere to the
principles of "Know Your Customer" (KYC), good corporate governance and
stricter selection tests for bank managers and owners.
While the newly launched system might displease potential customers as
they will be asked for "necessary personal information" based on the
KYC principle, Hall said that the system was essential to protecting
the banks.
"Every bank must comply with the regulations BI has promoted. If other
banks choose not to comply, it will be at their own risk," he added.
Meanwhile, Financial Transaction Reports Analysis Center (PPATK)
chairman Yunus Husein, who was present at the launch, warned that banks
also needed to monitor their employees as many cases of money
laundering involved insiders.
Between its establishment in 2002 and last year, the PPATK had received
reports on nearly 2 million transactions worth more than Rp 500 million
from the financial sector, and on 1,432 cash transactions worth more
than Rp 100 million from the customs service. Of these transactions,
6,793 were suspected of being illicit.
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